The KUIK Market Update for Thursday, January 28:
Markets are down.
Index Direction Change Units Time
Dow Down (30) points 15,913 7:36 AM
S&P500 Down -0.3% percent 1,877
Nasdaq Composite Down -0.3% percent 4,455
30 Year Treasury Up 1 Basis Points 2.80 Annual Yield
The Shanghai composite index fell 2.9% to 2655.66 closing at its lowest level since November 2014 and with losses accelerating late in the session. It’s off 48.6% since it peaked last June and is down 25% this year, on track for its worst monthly performance since October 2008.
Freddie Mac reports mortgage rates have fallen for the fourth straight week. The 30-year fixed-rate mortgage averaged 3.79% for the week ending January 28, down from last week when it averaged 3.81%. A year ago it was 3.66%. The 15-year fixed averaged 3.07% down from last week’s 3.10%. A year ago it was 2.98%.
Oil futures rallied this morning on unconfirmed reports that OPEC and other oil producers will meet in February to discuss production cuts. Russia’s oil minister Alexander Novak said Saudi Arabia has suggested a 5% cut in oil production and that the size of the cuts are being discussed, according to Russian news agency Interfax. March crude is up 4.4% to $33.73 per barrel.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/asian-stocks-unsettled-as-markets-ponder-fed-statement-2016-01-27
http://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-fall-for-fourth-straight-week-otcqb-fmcc-1241221
http://www.marketwatch.com/story/oil-jumps-7-on-renewed-hope-of-russia-opec-output-cuts-2016-01-28
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